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Rs2.6tr debt repaid ahead of schedule: Schehzad | The Express Tribune

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Rs2.6tr debt repaid ahead of schedule: Schehzad  | The Express Tribune


Pakistan has retired Rs2.6 trillion in public debt well ahead of schedule, Advisor to Finance Minister Khurram Schehzad announced on Sunday.

In a post shared on X (formerly Twitter), Schehzad revealed that around Rs1.6 trillion was paid back to the State Bank of Pakistan (SBP) in just 59 days—an achievement he termed as “historic fiscal discipline”.

The finance ministry, he said, repaid Rs500 billion on June 30, 2025, followed by a second repayment of Rs1,133 billion on August 29, bringing total early SBP repayments to Rs1,633 billion.

He also highlighted a previous Rs1,000 billion repayment to the domestic commercial market during the first half of the fiscal year, calling it Pakistan’s first-ever advanced domestic debt retirement operation.

“Including both the central bank and commercial portions, the total early debt retirement in less than one year now comes to over PKR 2,600 billion — an unprecedented scale and decisive action in the country’s fiscal history,” the advisor stated.

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Schehzad added that this marks a fundamental shift in fiscal management away from “debt-heavy practices” that previously squeezed development space. He noted that 30% of SBP debt has now been retired early—cutting the stock from Rs5.5 trillion to Rs3.8 trillion—well before its scheduled maturity in 2029.

“Early repayments eased the 2029 refinancing burden, lowered rollover risks, and created more room for development spending,” he said.

According to Schehzad, the average maturity of domestic debt has also improved sharply—from 2.7 years in 2024 to 3.8 years—marking the most significant single-year improvement in the country’s history and exceeding the International Monetary Fund’s (IMF) targets.

He further claimed that the government had already saved over Rs800 billion in taxpayer money this fiscal year through falling interest rates and disciplined repayments.

“By reversing a cycle of unchecked borrowing and prioritising repayments, Pakistan is restoring fiscal credibility and building long-term resilience,” he concluded.





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Gold Prices Rise Today, December 22: Check 24K & 22K Rates In Delhi, Mumbai & Other Cities

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Gold Prices Rise Today, December 22: Check 24K & 22K Rates In Delhi, Mumbai & Other Cities


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Gold and Silver Rates Today, December 22: In Mumbai, the price of 24-carat gold stands at Rs 1,34,270 per 10 grams, while 22k gold is available at Rs 1,23,090 per 10 grams.

Gold Rate Today, December 22.

Gold Rate Today, December 22.

Gold and Silver Rates Today, December 22: Gold prices rose on Monday, December 22. In Mumbai, the price of 24-carat gold stood at Rs 1,34,270 per 10 grams, while 22k gold was available at Rs 1,23,090 per 10 grams. These rates do not include GST and making charges. Silver was available at Rs 2,13,900 per kg in the spot market.

What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On December 22?

City 22K Gold (per 10gm) 24K Gold (per 10gm)
Delhi Rs 1,23,240 Rs 1,34,420
Jaipur Rs 1,23,240 Rs 1,34,420
Ahmedabad Rs 1,23,140 Rs 1,34,320
Pune Rs 1,23,090 Rs 1,34,270
Mumbai Rs 1,23,090 Rs 1,34,270
Hyderabad Rs 1,23,090 Rs 1,34,270
Chennai Rs 1,23,090 Rs 1,34,270
Bengaluru Rs 1,23,090 Rs 1,34,270
Kolkata Rs 1,23,090 Rs 1,34,270

Gold exports from Switzerland fell 15% month on month in November as shipments to India dropped to their lowest since ‌February, ‌Swiss customs data showed on Thursday.

Demand in India has been affected by a ‍price rally which sent bullion to a record high of $4,381 per troy ounce in October. Spot prices are up 65% so far this year, heading for their biggest annual gain in 46 years, amid demand for safe-haven assets.

The Swiss data showed that gold exports to India fell to 2 metric ⁠tons in November from 26 tons ​in October, while supplies ‍to China, another major bullion consumer, climbed to 12 tons ‌from 2 tons.

Gold exports from Switzerland, the world’s ‌biggest bullion refining and transit hub, to Britain, home to the world’s largest over-the-counter gold trading hub, jumped to 45 tons last month, the highest ⁠since June, ⁠from 9 tons as bullion kept coming back from US stocks.

What Factors Affect Gold Prices In India?

International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.

In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.

With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.

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Why Croatia’s capital wants to hold the best Christmas market

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Why Croatia’s capital wants to hold the best Christmas market


Guy Delauney Balkans correspondent

AFP via Getty Images Revellers at Zagreb Advent, the city's Christmas marketAFP via Getty Images

Zagreb’s Christmas market was voted the best in Europe three years in a row

Christmas markets are not just tradition across Europe, they are big businesses that give cities a huge economic boost every December. For Zagreb, the capital of Croatia, it is an effective way of attracting tourists outside of the country’s main summer season.

The words “tourism” and “Croatia” are likely to conjure visons of sparkling Adriatic vistas during the hottest months of the year.

Tourism accounts for more than a fifth of the economy of this Balkan country, and it is keen to encourage more visitors to arrive outside of the height of summer. Yuletide frolics are a key part of that strategy.

“We’re making a transformation,” says Croatia’s Tourism Minister, Tonci Glavina.

“We are developing as a year-round tourism destination – we are not a summer destination anymore. Croatia has really made a significant development. At some point way back it was just sun and sea, but now Croatia offers many tourism products all across the country.”

Zagreb Advent, as the capital’s Christmas markets and events are collectively known, is the poster child for this approach, with billboards in neighbouring countries urging people to attend. In fact, this year the campaign has spread as far as London’s tube stations and Milan’s buses.

There are even special trains to bring visitors from Slovenia and Hungary. All of it is part of Zagreb’s push, in a very crowded field, to become one of Europe’s most popular Christmas markets.

While some cities might limit their offering to a single location, Zagreb Advent is a multi-venue spectacular that takes over large chunks of the centre.

“The entire city has become a festive ground for celebrating Christmas throughout the whole of December,” says Slavica Olujic Klapcic, who manages one of the Christmas market areas.

“What’s really special around here is that each of the locations has its own theme, and it’s a little bit different in decoration, and in the content that it offers. So for a visitor, I think it’s a good deal, because by taking a walk through Zagreb, you can see many different spots.”

Like other Christmas markets across Europe there are no shortages of the usual seasonal staples, such as sausages and mulled wine. But there are also multiple music stages, craft stalls, vendors offering traditional Croatian food, art installations, and an enormous ice rink.

Slavica Olujic Klapcic, one of the organisers of Zagreb Advent, stands in front of the ice rink at night

Slavica Olujic Klapcic, who manages one of the market areas, says that Zagreb offers festive variety

“It brings life to Zagreb,” reckons Zrinka Farina, who is involved with putting on Christmas market events outside the city’s historic Hotel Esplanade, as well as a food and music market at nearby Strossmayer Square called Fuliranje – which roughly translates as “fooling around”.

But she says that Croatians are deadly serious about trying to offer Europe’s best Christmas market. “We are such a sporty nation, we love to compete – and when we do something, we really want to be the best in the world in it.”

Such has been the effort that the city has put into Zagreb Advent since it was first held in 2014 that it was voted the best Christmas market in Europe for three years in a row, from 2015 to 2017.

The competition is organised by travel website European Best Destinations, and Zagreb’s success has helped to drive visitor numbers to the city every December.

Back in 2014, the city saw 100,198 people stay for at least one night during the last month of the year. By 2024 this had more than doubled to 245,352, which the tourist board says gave the city a €100m ($117m; £88m) economic boost.

Stalls at Zagreb Advent

The Zagreb Advent event is spread across the centre of the city

However, Zagreb has a long way to go if it wishes to catch up with Europe’s Christmas market heavyweights.

The one held in the German city of Cologne is widely reported to be the most popular. It is expected to attract four million visitors this year, with an economic impact of €229m.

Meanwhile, Austria’s capital Vienna attracts around 2.8 million visitors to its Christmas market, and France’s Strasbourg gets two million people.

Zagreb’s event also has a limited history – it is only in its 11th year. By contrast, Dresden’s Christmas market, widely considered to be the world’s oldest, was first held in 1434. Strasbourg’s began in 1570, Vienna in 1764 and Cologne in 1820.

Despite its infancy, Zagreb Advent is said to be attracting visitors from across Europe. “They come here from Italy, Spain, Bosnia, Slovenia and even the UK,” says Lucija Vrkljan, who is working as a steward at the ice rink.

“It’s a great place to be,” says Dario Kozul, the founder of BioMania, a bistro with a stall offering vegan and gluten-free food at the Hotel Esplanade Christmas market. “We have a cross-marketing situation all the time,” he adds.

“People walk into this event and test our food – they’re really very pleased with it. Then we talk about our restaurant, and within the next couple of days, we see them there.”

AFP via Getty Images People at Dresden's Christmas marketAFP via Getty Images

Dresden’s Christmas market was first held in 1434

Marko Peric, dean of the Faculty of Tourism at Croatia’s University of Rijeka, agrees that Zagreb Advent brings “unusually high” numbers of arrivals and overnight stays in December.

But he cautions that the rest of Croatia’s heavy reliance on the summer season is a weakness that still needs to be addressed. “We need to work and develop our tourist offer in other parts of the year, including the winter,” he says.

“We don’t have snow, but we can offer a lot. We should rely on our gastronomy, which is well known, with many tourists arriving just because of that. And we could use other types of events like carnival in February, or sporting events.”

Tourism Minister Tonci Glavina insists that Croatia is making moves in the right direction. He points out that visitor numbers over July and August were actually slightly down on the same period in 2024.

But the country is still on course for a record-breaking year, thanks to significant growth either side of the summer peak, with around 5% more arrivals in June and September. This, says the minister, is “just perfect”, as is the 10% year-on-year rise over the first week of December.

“We are transforming Croatia to be a sustainable tourism destination, meaning about the same number of guests in peak season, developing the shoulder seasons, and of course developing other parts of the country to be main tourism destinations.”

Zagreb Advent has already shown the benefits. Although that may not be the first thing that springs to a visitor’s mind with all the traditional Croatian treats on offer.

After all, what could be better than a post-skate fritule doughnut, except perhaps a fritule with chocolate sauce.



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Building material prices hit record high | The Express Tribune

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Building material prices hit record high | The Express Tribune


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RAWALPINDI:

New federal and provincial taxes, along with continuous increases in electricity, gas and transportation costs, have led to an unprecedented rise in the prices of all building materials.

In the market, top-quality bricks are now priced at Rs25,000 per thousand, prompting contractors to rely more heavily on old bricks.

A bag of cement is available at Rs1,350, steel at Rs255,000 per ton, gravel at Rs3,500 per trolley, sand at Rs3,000 per trolley, masonry labour at Rs2,500 per day, and general labour at Rs1,500 per day.

Prices of cement plaster, standard marble, plumbing materials and electrical supplies have also increased by up to 30 per cent. The upward trend in building material prices continues.

Contractors say building material costs have seen record increases over the past two years.

Contractor Haji Sultan Mahmood said that three to four years ago, a four-marla double-storey house could be completed for Rs7.5 to 8 million, but the estimated cost has now crossed Rs10 million.

Due to this, contractors have shifted from constructing four- and five-marla houses to building two-, two-and-a-half- and three-marla units for sale. Five-marla plots are now divided into two units of two-and-a-half marla each, with double-storey houses built on them.



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